Real estate developers body vows to oppose corruption

The developers' body has been raising concerns about corruption in the building plan approval process for some time, but this is the first time that the organization is confronting the state administration openly on the issue of corruption.

Chennai: Confederation of Real Estate Developers' Association of India (Credai) Chennai chapter has called for increasing ease and reducing cost of doing business in the state. The developers' body has been raising concerns about corruption in the building plan approval process for some time, but this is the first time that the organization is confronting the state administration openly on the issue of corruption.

Unveiling a vision document for Credai for the next 10 years, the newly-appointed president of Credai Chennai, Suresh Krishn said on Sunday that his organisation had set tall benchmarks with its path-breaking and innovative initiatives like introducing ethical code of conduct and transparency in functioning of developers in the past.

The five-point vision agenda also calls for ensuring unity among the members, ensuring that every prospective home buyer buys from Credai members, policy-level intervention for betterment of the city and building Credai as a premium brand. Credai's new motto, 'Buy with trust, live with confidence,' would go a long way in achieving the goals, he said.

"Over the next 10 years, Credai Chennai will work towards reducing material and operating costs by optimizing operating procedures and ensuring government policies act more as an aid for our business rather than hurdles. We will work in unison with the government authorities and formulate a harmonious environment where we make every effort towards the betterment of the city," said Krishn.

Calling upon the members to work unitedly, he said the organization would step in to negotiate with raw material suppliers, consultants and even non-banking financial institutions to bring down cost of operation at every level for every member.

Credai would set up a material testing laboratory in association with AnnaUniversity and King Institute to test new technologies and would update all members on the latest technological innovations in the field of construction and design, he said.

Credai national president Getamber Anand called upon the members to stay united to fight for their rights. Noting that the Union government had granted virtually every demand raised by the developer community in the recent budget, he said best practices would help the sector overcome hiccups caused by the market condition.

New Delhi : Urban Development Minister M Venkaiah Naidu today said he was confident that each state would be able to set up its regulator for the real estate sector within a year as envisaged in the Bill passed by Parliament.

NEW DELHI: Budget proposals as positive for the real estate sector, industry players said that tax sops for first home buyers and incentives on development of affordable housing projects will help revive demand in the sluggish property market.

"With 50% of our population living in slums, we now want to start the Built in Mumbai initiative that will aim at providing cheaper homes. We will soon start a massive campaign for it," Fadnavis added.